Oman – Ins. contribution to GDP at 1.63%

The audited financial statements of the insurance sector for the year 2017 showed that the contribution of insurance to the Gross Domestic Product reached 1.63%. Total direct premiums increased by 0.3% and reached OR 451.57 million by year-end 2017 compared to OR 450.25 million in the end of 2016. Takaful witnessed a large growth in 2017 with premiums of OR 45.76, which represents 10% of total direct insurance premiums. Moreover, the premiums collected from brokers represent 27% of total insurance premiums during year 2017.